hurricane harvey

How Hurricane Harvey Changed Renting in Houston

By | Apartments, Houston, Hurricane Harvey, Rent Increase, Rental Market

Houston – A southern concrete jungle stretched out over hundreds of square miles, and home to more than 2.3 million Houstonians and expats. Everyone here knows that when it comes to weather, watch out for what you wish for! It will be sunny and 70 degrees one day and completely iced over the next. But, hey – that’s Houston! *cue every Houstonians slow head-nod and nonchalant “mmhmm”* When the rain of Harvey storms met Houston in 2017, the weather wasn’t the only thing that surprised the entire city! The increase of rent prices did as well. Catastrophic flooding throughout the state displaced a recorded 13 million people from their homes, leaving renting as many people’s temporary solution. Compared to the housing boom of 2014 when apartments were offering 2-3 months free just to get people in their doors, renters were met with the stifling reality of supply and demand — less apartments and higher costs. Those enticing renters specials came to a screeching halt and the rental market sharply rose. Photo by Alamy/Reuters via The Guardian The areas inside the loop that experienced a blast in pricing after Hurricane Harvey are:   Uptown – 8% increase West University – 10% increase Heights – 14% increase EaDo (East Downtown) – 19% increase River Oaks – 21% increase Museum District – 21% increase Greenway/Upper Kirby – 26% increase Downtown – 45% increase Bellaire – 52% increase   Shapefile Source by City of Houston Geographic Information System (COHGIS) via RentHop   The renting…

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